Tyco Holders Reject Proposal
To Reincorporate in the U.S.

By

Mark Maremont Staff Reporter of The Wall Street Journal

Updated March 7, 2003 12:01 a.m. ET

Tyco International Ltd. shareholders backed management and defeated a proposal to move the company's base from tax-friendly Bermuda to the U.S. by nearly a three-to-one margin. But shareholders signaled their discontent with the scandal-plagued conglomerate with strong votes in favor of other measures opposed by management.

In a surprise, a resounding 57% of Tyco shareholders approved an antigolden parachute measure in the voting, announced at the company's annual meeting in Bermuda. The nonbinding proposal urged Tyco's...